Business secretary Vince Cable adds another £50,000 to pot for this year's Tenner competition and extends registration deadline
Our young and aspiring entrepreneurs have been handed a welcome boost by business secretary Vince Cable, who has pumped more cash into this year’s Tenner competition.
The nationwide scheme – which is being run by enterprise education charity Young Enterprise in partnership with social enterprise agency Unltd – gives young people the opportunity to have a stab at running their own business, starting with just £10.
So impressed has Cable been with the scheme that he has extended the deadline for registration to 22 April, and put an extra £50,000 in the pot.
This means that a total of 23,000 youngsters will have the chance of taking part this year, with the competition to run throughout May.
For those of you not in the know, the basic concept of the contest is to see how much profit can be made with start-up capital of, you guessed it, a Tenner.
Whilst the £10 (plus a discretionary £1 donation) is repaid for next year’s challenge, the profits may be spent as desired, so the incentive to enter is relatively apparent.
Michael Mercieca, chief executive of Young Enterprise said: “Young Enterprise is delighted at the Government’s contribution towards the Tenner scheme.
“With record level youth unemployment all over Europe, it is great to see our government doing as much as possible to give the youth of Britain a chance to pursue their entrepreneurial instincts."